JSW is 1st steel company to bag Goa mineral block

PANAJI: Jindal Steel Works (JSW), one of the biggest steel companies in India, has bagged the Cudnem-Cormolem mineral block with the highest premium of 96.6% of the average sale price set by the Indian Bureau of Mines (IBM). JSW has become the first steel company to bag a mineral block in Goa.

Earlier, the lease was run by Fomento. Sources said that during the auction, Fomento and JSW aggressively bid for the block. The sources said Fomento wants to retain its leases which are spread across 35 hectares of land.

The auction for five mineral blocks that started on Friday saw Fomento bag the Advalpale-Tivim block with the highest premium of 58.8% of the average sale price set by IBM.

The Directorate of Mines and Geology will conduct e-auctions for the Cudnem mineral block on Wednesday, the Tivim-Pirna mineral block on Thursday, and the Surla-Sonshi block on Friday.

Eleven mining and steel companies placed 11 bids for the five mineral blocks.

The state government has identified seven mineral blocks in South Goa to auction in the third round, likely to be held next month. South Goa’s mining leases will be put up for auctions to boost the economy in the mining belts of Curchorem, Sanvordem, Sanguem, and Quepem.

The directorate of mines and geology has moved the file to the state government for the third mineral block auctions. At present, nine mineral blocks have been put up for auction of which eight are in North and one in South Goa.

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